IRA Knowledge

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Across
  1. 3. When withdrawn, both deductible contributions and earnings are taxed at your regular income tax rate with this type of IRA.
  2. 5. A type of movement between IRAs in which you instruct your financial organization to move the money directly to an IRA you've established with another financial organization.
  3. 8. The IRS generally assesses a 10 percent __________ ______________________ penalty tax on the taxable portion of any withdrawals you make before turning age 59 1/2.
Down
  1. 1. Between January 1, 2020 and April 15, 2020, you can designate contributions for the current or __________ tax year.
  2. 2. A tax advisor or estate planning professional may encourage you to establish a primary and contingent ________________.
  3. 4. A type of movement between QRPs (Qualified Retirement Plans) and IRAs in which assets are generally paid to you and then you must redeposit the assets into another IRA within 60 days to avoid taxation.
  4. 6. Contributions to a Roth IRA are made ________-tax, or after taxes have been assessed.
  5. 7. An IRA is an Individual Retirement Plan. It belongs to the _________________ member.